China Now The World's Largest Smartphone Market

In 2012, China will account for 26.5% of all smartphone shipments, according to new data from International Data Corp., well ahead of the U.S. market at 17.8%. IDC says China's market is driven by "strong end-user demand and an appetite for lower-priced smartphones."

IDC analyst Wong Teck-Zhung said in a statement that prices of low-end Android phones in China are likely to fall to $100 and below as competition intensifies. But IDC also expects continued strong growth for high-end phones, "which are desired as status symbols."

Heres's a look at IDC's data on the top five smartphone markets - now and in 2016 (Note they are ranked by expected market share in 2016):